Falling In Love With A Home Seals The Deal For Young Couples
By CHUCK GREEN
Something’s lingering in the air, and what we seem to have here flaunts all the earmarks of, what else? Love.
With Valentine’s Day right around the corner, thoughts turn to heaping bouquets of flowers, generously sprinkled with a frenzy of vivid bright colors, and, of course, chocolates for the house.
Speaking of the house — at first, perhaps indirectly — enjoytravel.com lists New York, Los Angeles, Chicago, Seattle, San Antonio, Miami, and Portland among some of the country’s most romantic places to visit.
These are also cities where young couples can find themselves falling in love with the area and maybe even the home of their dreams.
John Manning, managing broker at RE/MAX Gateway in Seattle, speaks from first-hand experience.
“Twenty-five years ago, my wife and I were a romantic new couple that fell in love with the Pacific Northwest and made the choice to move here from the French Alps. We have never lost our sense of romance for each other or for our region where the breathtaking scenery makes it easy to feel alive and in love,” Manning told The Mortgage Note.
What makes young couples likely to fall in love with a home and settle in a certain city?
Carissa Aulich, Redfin premier agent in Portland, explained that young couples, especially newlyweds, are eager to find a home and start their lives together. For many of them, buying a house has such an emotional appeal that they might prioritize how a home “feels” over ticking every box on their checklist.
As a result, they are more flexible in their approach to buying a property. They may compromise on non-essential features to stay within budget or focus on the home’s potential rather than its current state, especially if they see it as a long-term investment and a project to work on together.
Even the home features these couples prioritize, Manning said, have an emotional connection.
“The one thing romantics seem to never overlook is the kitchen — with good reason. The way to a loved one’s heart is absolutely through their stomach and, in my opinion, there’s nothing more romantic than a great family dinner at home or a cup of coffee with my loved ones each morning before we all go about our busy day,” said Manning.
Bliss Ong, Redfin Premier Agent in Seattle, recently sold a home to newlyweds and said location is a top priority for this group, which is typically drawn to walkability and nearby activities to enjoy outside of work.
“They’re not willing to compromise on location but might be willing to do so on home characteristics to get in the area they want,” said Ong.
Flexibility due to emotions aside, it’s not always easy for young couples to lock down a home.
The number of millennials – whom many would consider among those in the market for a home – has parachuted to more than 72 million, according to the National Association of Realtors. They must overcome unique challenges.
Between 28 and 43 years of age, many millennials feel financial considerations are restraining them. Salaries have not been able to keep up with home price appreciation in the past five years and they have seen the cost of living increase dramatically due to inflation.
This age group also has student loans and credit card debts, which reduce their borrowing capacity.
Kyle Turpin, broker-owner at Motto Mortgage in Kentucky, has some advice for young couples ready to fall in love with a home. He said managing debt strategically and increasing household income can help.
Turpin suggests young couples explore financing options like FHA loans and down payment assistance programs.
Getting pre-approved, he continued, “not only clarifies what they can afford but also strengthens their position in a competitive market.”
And don’t overlook that little commodity that can only help enhance the romantic element in any relationship: communication.
“Couples should align on their priorities and focus on finding a home that fits their budget and long-term goals,” explained Turpin. By being proactive, educating themselves, and working with experienced professionals, “young buyers can overcome these challenges and achieve their dream of homeownership.”